The Love Token project appears to have originated on Valentine’s Day 2018. The overwhelming buzz of positive feelings on the day inspired the developers to create a token to mark and celebrate the commercially-designated love day of the year.
Love is all around us, as the song goes, and has been for millions of years, if the legends are to be believed. We all seem to need it, but just as the air we breathe, we just can’t see it.
And so this pervasive and vacuous feeling of nothingness has even found its way into the blockchain, as one new ICO (of sorts) would have us believe.
The Love Token is a new initiative to spread love worldwide through the blockchain.
Love Token: send your feelings down the blockchain pipe
FUN EXPERIMENT TURNED INTO FIRST TRULY DECENTRALIZED RAFFLE SYSTEM? https://t.co/nxsw9wIl4O
– Shebin John (@texploxe) March 12, 2018
And so the Love Token came to be.
This project intends to spread the love across the blockchain, rewarding those who love more than others.
There is no ICO per se, although the company says that they may carry one out in the future.
The LOVE token
The company will issue its own currency, the LOVE token, which is based on the ERC-20 standard.
I just published “#LOVE Token – Medium” https://t.co/DNV4etD40g
– Love Token (@lovetokencrypto) March 10, 2018
The apparent purpose of this token is to ‘reward love’ among members of the crypto-community. By accomplishing certain tasks, such as Acts of Random Kindness – as quoted from their white paper – community members will receive LOVE tokens. What these acts are or entail is not specified.
The developers say that tokens will be given manually first – no pun intended – but an automatic process will be implemented later on, to decide whether the (community) member did well enough to deserve a token.
Once created, the LOVE token will be distributed as follows:
- Development – 10%
- Marketing – 15%
- Advisors – 5%
- Ambassadors – 5%
- Bounty program – 20% (Or as much as the community claims)
- Raffle – 20%
- Partnership – 5%
- Exchange listing – 5%
- Founders & team – 5%
- Reserve – 10%
The LOVE raffle
Love as a tradable commodity, while innovative and as avant-garde as it comes, it’s a somewhat peculiar concept.
LOVE Token Raffle | Win upto 50 ETH | Decentralized Raffle System!: https://t.co/qdc6sOpFwI via @YouTube
– Shebin John (@texploxe) March 10, 2018
This ICO will carry out a raffle of LOVE tokens, which will work on the basis of giving a certain percentage of LOVE tokens back to the ten largest contributors.
The raffle mechanics work by rewarding each place a percentage of the total money received in contract:
First – 5%
Second – 4.5%
Third – 4%
Fourth – 3.5%
Fifth – 3%
Sixth – 2.5%
Seventh – 2%
Eighth – 1.5%
Ninth – 1%
Tenth – 0.5%
There will be other LOVE rewards given out to raffle participants.
#LoveToken is running a #raffle where people have a chance to win some #LoveTokens
More details: https://t.co/lTIiDbRpEH#Token #Ethereum #ETH #ERC20 #Lottery $ETH $BTC @lovetokencrypto pic.twitter.com/aLcKRzo1mV
– Vella (@cryptotrader85) March 5, 2018
Details: Looking for experienced Local Advisors in Crypto field around the world. Your task be: contact investors, support in marketing, community management & translation.
– Shebin John (@texploxe) March 10, 2018
Learn about the Love Token team here.
Social media presence and digital footprint
Here are the numbers for Love Token at the time of writing (mid March 2018).
- Twitter – 415 followers
- Facebook – 37 followers
- LinkedIn – 9 followers
- Telegram – 310 followers
- Instagram – 14 followers
- YouTube – 15 followers
The social media community does not appear to feel the love for the Love Token at this particular point in time.
While the real world may be awash with love-struck denizens, the blockchain is, as of yet, almost entirely devoid of such feeling.
There are other ICOs out there that borderline touch on the subject, albeit from altogether different perspectives. Love Token is, as of today, the first ICO to offer tokenized rewards for love-related actions.
Consult Love Token’s white paper for more information about the platform, additional features and services, etc.
Trading love treads a fine line between cuteness and uber kitsch. The idea of a blockchain-based token to do just that may strike a funny bone in most people, who may think twice about participating in this ‘experiment’, as the developers deem Love Token to be.
The proposition is unclear and somewhat diluted amidst bad grammar and a poorly-written white paper, which raises questions about the seriousness or validity of the whole thing. Truth be told, it feels like an end-of-term project for seventh-graders.
We’ll check in on Love Token again in due course.